Gold Springs Resource Announces Positive Surface Sample Results and Develops New Drill Targets at Flagship Project
Page 1 of 8
Gold Springs Resource Announces Positive Surface Sample
Results and Develops New Drill Targets at Flagship Project
April 15, 2020, Vancouver, British Columbia— Gold Springs Resource Corp. (TSX:
GRC, OTCQB: GRCAF) (the “Company” or “GRC”), is pleased to provide positive updates from
ongoing field activities at the Gold Springs Project, located on the border of Nevada and Utah.
Field crews are currently conducting detailed mapping and rock-chip surface sampling to
advance targets to the drill-ready stage once COVID-19 measures substantially cease.
Initial mapping and sampling have been completed for two new targets, Juniper and Fitch, as
well as on the existing Declaration target, adjacent to the Jumbo Trend on the Utah side of the
Gold Springs Project. The sampling results returned strong gold (“Au”) values and large-scale
targets, displaying broad areas of alteration and favorable structural settings for gold and silver
(“Ag”) mineralization. These target areas lie west of the existing Au and Ag resources within the
Jumbo Trend and offer opportunities to expand those resources or develop new ones.
There are now 28 targets, including four defined resource areas open along strike and at depth,
within the approximately 80-square-kilometer Gold Springs Project. See Figure 1 in the
Appendix.
Matias Herrero, President and CEO, stated “The initial results from the three targets are
outstanding considering the number of significant gold and silver results within the limited
amount of sampling completed. The proximity of these target areas to our existing pit-
constrained resources makes them a priority for GRC and adds to the resource-growth potential
of the project. As results from the additional sampling are received in upcoming weeks, and the
planned CSAMT ground geophysical survey is completed, we’ll be able to further interpret the
extent of these targets.”
The Declaration target – 1 km strike-length potential
Declaration is located to the west of the North Jumbo resource. See Figure 2 in the Appendix.
Of the 12 samples taken along the Declaration target, five returned grades of +1 g/t Au and four
contained +100 g/t Ag with grades as high as 5.4 g/t Au and 153 g/t Ag. Results are pending for
an additional 64 rock chip samples from the Declaration target.
Table 1: Rock Chip Sampling Results from Declaration
SAMPLE Sample Type Target Description
Au
g/t
Ag
g/t
87410 Dump Declaration Massive and vuggy quartz vein. 4.9 183
87412 Dump Declaration Banded white quartz vein chips 0.54 41.6
87413 Dump Declaration
Silicified host rock to banded white
quartz vein 0.36 28.6
87414 Float Declaration Massive white quartz vein 0.31 12.5
87415
Continuous,
0.5m Declaration
Banded, bladed, massive and
sugary quartz vein 4.04 193
87416 Dump Declaration
White massive and sugary quartz
vein material, few bands of bladed
textures. 0.52 39.8
Page 2 of 8
87417 Dump Declaration
Breccia/stockwork quartz veining
with angular silicified rhyodacite
clast. 0.92 21.4
87418
Discontinuous,
0.5m Declaration
Massive white banded quartz vein
with vuggy textures. 0.37 2.9
87419 Dump Declaration
White chalcedony and sugary
quartz vein chips with vuggy
textures. 0.45 20.8
87421 Dump Declaration
Massive and crystalline quartz vein
with irregular banding 1.07 17.3
87422 Dump Declaration
White quartz vein with vugs of
druzy quartz. 4.02 111
87423 Dump Declaration
Strongly oxidized quartz vein, with
open vugs of crystalline hematite
and limonite. 5.4 153
Declaration is a massive banded quartz vein averaging 0.5 metres in width and is hosted within
altered andesite. Adjacent to the vein, the host rock is brecciated and strongly silicified with
stockwork veining continuing into the wall rock. The vein can be traced for 800 metres along
strike with breccia and stockwork zones extending over 200 metres of the strike length.
Together with breccia/stockwork zones and altered host rock the target has a width of 50
metres.
The Juniper Target – 600 m strike length potential
Results were received for three samples taken along the Juniper target. Results are pending for
an additional 49 samples collected at Juniper.
Table 2: Rock Chip Sampling Results from Juniper
SAMPLE Sample Type Target Description
Au
g/t
Ag
g/t
87403
Discontinuous,
0.5m Juniper
Stockwork quartz veining in clay
altered andesite 0.28 3.4
87408 Sub-outcrop Juniper
Quartz-Sericite-Pyrite altered
andesite with cross cutting massive
and druzy quartz veins 1.27 6.9
87409 Float Juniper
Silicified breccia with andesite
clast. 0.88 40.2
The new Juniper target is located just east of the Declaration target and northwest of the North
Jumbo resource. Juniper is a structural target that was identified using LiDar imaging, CSAMT
geophysical surveys and soil sampling programs. See Figure 2 and Figure 3 in the Appendix.
The target is bound by two regional west-lateral strike-slip faults that have accommodated
extension and dilatational zones with a series of intersecting faults, oblique to the main strike-
slip fault zones. These fault intersections have similar character and shapes to structural zones
that host the North and South Jumbo Resources. The northern portion of the Juniper target is
predominantly covered by post-mineral material, with openings into the underlying rocks,
where veining, breccia and alteration are observed, which suggests that post-mineral cover is
Page 3 of 8
not very thick. Historical mine pits are seen throughout the Juniper target area, exposing quartz
veins, hydrothermal breccias, and altered andesite.
Sample 87408 from the altered host rock assayed 1.27 g/t Au and 6.9 g/t Ag. It appears that the
alteration extends under the thin cover, potentially stretching over an area roughly 600 x 400
metres, which closely coincides with the CSAMT resistivity anomaly as well as the area of
structural complexity. The Company has plans to extend the CSAMT survey to the north. See
Figure 3 in the Appendix.
The Fitch Target – 1.5 km strike length potential
Results from six rock samples taken from veins in historical trenches at the new Fitch target
grade as high as 2.4 g/t Au and 4.4 g/t Ag. Results are pending for an additional 45 rock chip
samples from the Fitch target.
Table 3: Rock Chip Sampling Results from Fitch
SAMPLE
Sample
Type Target Description
Au
g/t
Ag
g/t
53082 Dump Fitch Brecciated quartz vein 2.393 4.4
53084 Float Fitch Brecciated quartz vein 0.498 1.9
87425 Float Fitch
Silicified breccia with clay alt andesite clast,
strongly oxidized 0.35 1.0
113790 Dump Fitch
Banded and bladed quartz-calcite vein
material. 0.314 4.0
113792 Float Fitch
Calcite-quartz vein with dark grey calcite
and partial white silica replacement of
blades 0.297 3.0
113793 Float Fitch
Banded and bladed calcite-quartz vein
material with hematite between blades 1.556 7.0
The Fitch target lies along a north-south trending ridge line that runs parallel to the South
Jumbo ridge, 400 metres west of the South Jumbo resource area. See Figure 4 in the Appendix.
The Gold Springs Project lies within the Indian-Peak Volcanic Field (Caldera Complex) and the
Fitch target is attractively located along a caldera margin identified in the ZTEM geophysical
survey.
The target consists of a series of conjugated fault sets that have accommodated block faulting
with displacement dropping to the south. Alteration is traceable for 1.5 kilometres along strike,
however veining and breccia textures are best exposed in the up-lifted northern blocks.
Mineralization consists of calcite-quartz banded and bladed veins hosted within strongly
clay/sericite-altered andesite. Calcite-quartz veins are observed as float in windows within post-
mineral cover and around historical mining trenches. They make up 35-40% of the back fill used
to close an historical mine shaft located within the target area.
To view photos of the rock-sampling program click here:
https://www.trimetalsmining.com/site/assets/files/3972/grc_press_release_2020_04_15_declaration_fi
tch_juniper_photos.pdf
Outlook
Page 4 of 8
The Company’s focus for 2020 and beyond is on the exploration and expansion of the mineral
resources at its Gold Springs project in Nevada and Utah, USA. Geologic crews will be working
over the next several months conducting detailed mapping and sampling on additional targets
within the Gold Springs Project to prepare them for future drill programs.
Qualified Person
The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice President of
Exploration for Gold Springs Resource Corp. and he has reviewed and approved the content of
this press release. The Qualified Person verified the data disclosed herein for its geological
reasonableness, checked all the inputs and verified the analytical data.
Assay Method
Assays were performed by ALS Geochemistry, an ISO 9001:2000 Certified and independent
laboratory in Sparks, Nevada. Gold was analyzed by fire assay of a 30-gram sample with an AAS
finish with samples assaying greater than 10 g/t re-assayed using a 30-gram sample and a
gravity finish. All other elements were analyzed by a four-acid leach ICP method.
Quality Assurance and Quality Control
Approximately 2-3 kg for each rock chip sample was sent to the laboratory. Five percent of the
samples submitted by the Company are standards for QA/QC purposes. In addition, the
laboratory also includes duplicates of samples, standards and blanks for QA/QC purposes. The
results of these check assays are reviewed prior to the release of data. All assays are also
reviewed for their geological context and checked against field descriptions.
Forward Looking Statements
Page 5 of 8
Certain statements contained herein constitute “forward-looking information” under
applicable Canadian securities laws (“forward-looking statements”). Forward-looking
statements look into the future and provide an opinion as to the effect of certain events and
trends on the business. Forward-looking statements may include words such as “creating”,
“view of”, “intended”, “plan”, “believe”, “vision”, “would”, “continue”, “will”, “estimate”,
“promising”, and similar expressions. These forward-looking statements are based on current
expectations and entail various risks and uncertainties. Actual results may materially differ
from expectations if known and unknown risks or uncertainties affect our business or if our
estimates or assumptions prove inaccurate. Factors that could cause results or events to differ
materially from current expectations expressed or implied by the forward-looking statements,
include, but are not limited to, risks of the mineral exploration industry which may affect the
advancement of the Gold Springs project, including possible variations in mineral resources,
grade, recovery rates, metal prices, capital and operating costs, and the application of taxes;
availability of sufficient financing to fund planned or further required work in a timely
manner and on acceptable terms; availability of equipment and qualified personnel, failure of
equipment or processes to operate as anticipated, changes in project parameters, including
water requirements for operations, as plans continue to be refined; regulatory, environmental
and other risks of the mining industry more fully described in the Company’s Annual
Information Form and continuous disclosure documents, which are available on SEDAR
at www.sedar.com. The assumptions made in developing the forward-looking statements
include: the accuracy of current resource estimates and the interpretation of drill,
metallurgical testing and other exploration results; the continuing support for mining by local
governments in Nevada and Utah; the availability of equipment and qualified personnel to
advance the Gold Springs project; execution of the Company’s existing plans and further
exploration and development programs for Gold Springs, which may change due to changes in
the views of the Company or if new information arises which makes it prudent to change such
plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements
contained in this press release. Except as required by law, the Company assumes no obligation
to update or revise any forward-looking statement, whether as a result of new information,
future events or any other reason. Unless otherwise indicated, forward-looking statements in
this press release describe the Company’s expectations as of the date hereof.
Gold Springs Resource Corp. Contact:
Matias Herrero
Chief Executive Officer
Page 6 of 8
APPENDIX
Appendix Figure 1: The Gold Springs Project with location of the Declaration
target and the new targets Juniper and Fitch, all lie to the west of the Jumbo Trend
Page 7 of 8
Appendix Figure 2: Location of Declaration and Juniper Targets
Page 8 of 8
Appendix Figure 3: LiDar Map Highlighting Juniper Target over CSAMT Survey